scholarly journals INFORMATION COVERAGE IN FINANCIAL STATEMENTS: PRACTICAL EXPERIENCE IN THE APPLICATION OF IAS AND IFRS

2021 ◽  
Vol 5 (40) ◽  
pp. 276-287
Author(s):  
O. Yarmoliuk ◽  
О. Hubaryk ◽  
Т. Savanchuk ◽  
О. Dmytrenko ◽  
N. Khomiak
Keyword(s):  
Information Disclosure ◽  
Financial Statements ◽  
Practical Experience ◽  
Jel Classification ◽  
International Standards ◽  
Position Information ◽  
Financial Position ◽  
Methodological Aspects ◽  
A Current

Abstract. The information demands of a globalized society are forcing businesses to produce financial statements that meet the requirements of all stakeholders. The purpose of the article was to assess what information entities disclose in the financial statements prepared in accordance with IAS and IFRS, and what conflicts arise. Theoretical and methodological aspects of the results of scientists prove the importance of information disclosure in the financial statements prepared in accordance with IFRS. At the same time, the issue of disclosure of information in the financial statements remains open, taking into account the needs of current activities of enterprises. In view of this, there is a need to: study the provision of users of financial statements with information, the disclosure of which provides for international standards; testing hypotheses about the need to study the differences between the types of financial statements provided for in IFRS and IAS and reviewing the long-term liability in the event of early repayment. Based on the analysis, it is established that the information required for disclosure in the financial statements determines the type of financial statements. The conducted research testifies to the presence of gaps in IFRS in the order of compilation and information content of the combined reporting. It is proposed that the combined financial statements be prepared by entities that for one reason or another do not meet the requirements of IFRS 10. It is established that an important condition for reliable reflection in the Statement of financial position information on long-term credit is the need to analyze during the year. It is proposed to consider part of the long-term loan in the form of payments, which must be repaid within twelve months from the date of reporting, as a current liability. This approach requires reclassifying existing credit from long-term to current liabilities, which will lead to further changes in cash flow estimates, adjusting the carrying amount of liabilities. The results of the study can be used by practitioners in various sectors of the economy in the formation of financial statements in accordance with IFRS. Keywords: financial statements, IFRS reporting, financial results, enterprise, standards, accounting, IFRS, IAS. JEL Classification M40, M 41, M 48 Formulas: 0; fig.: 1; tabl.: 1; bibl.: 19.

scholarly journals ANALISIS PENERAPAN PSAK NO. 45 (REVISI 2011) TENTANG PELAPORAN KEUANGAN ENTITAS NIRLABA PADA YAYASAN LEMBAGA KONSUMEN INDONESIA (YLKI)

2014 ◽  
Vol 8 (3) ◽  
Author(s):  
Regina Amalia Bumulo ◽  
Grace B. Mogi ◽  
Harijanto Sabijono
Keyword(s):  
Financial Statements ◽  
Cash Flows ◽  
Legal Form ◽  
Non Profit ◽  
The Public ◽  
Analysis And Evaluation ◽  
Financial Position ◽  
True State ◽  
Statement Of Cash Flows

Foundation is one form of a non-profit entity that aims to provide services to the public community without seeking advantage in carrying out its activities. The legal form of the foundation is often used as a shield to enrich the Founders, the Controllers, and the Directors. To minimize this, and in order to implement the principles of transparency and accountability to the public, the foundation should do the publication of its financial statements in accordance with the current SAK in Indonesia, the PSAK No. 45 (Revised 2011). The purpose of this study is to analyze the financial statements of the Indonesian Consumers Organization in accordance with PSAK No. 45 (Revised 2011). In this study, the author analyzed the data by collecting, interpreting, and analyzing it to produce conclusions about the true state, then compare it with PSAK No. 45 (Revised 2011). Based on the analysis and evaluation can be concluded that: (1) In the statement of financial position, there is no separation between current liabilities and long term liabilities. Also there is a mismatch use of the term "aktiva bersih" and "aset bersih" that should have been presented with the term "aset neto". (2) In the statement of activities, there is a mismatch use of the term "aktiva bersih" and "aset bersih" that should be presented with the term "aset neto". (3) In the statement of cash flows, there is still a mismatch use of the term "arus kas bersih" which is supposed to be served with the term "arus kas neto". (4) Notes to the financial statements are in accordance with PSAK No. 45 (Revised 2011).

scholarly journals Qualitative Assessment of Basel III Liquidity Standards and its Application in the UAE

2020 ◽  
Vol 4 (2) ◽  
pp. 118-129
Author(s):  
Manoj Kapur ◽  
Arindam Banerjee ◽  
Kunjana Malik
Keyword(s):  
Banking Sector ◽  
Financial Statements ◽  
Jel Classification ◽  
Qualitative Assessment ◽  
Basel Iii ◽  
Coverage Ratio ◽  
Disclosure Requirements ◽  
Short And Long Term ◽  
Made In

The Basel Committee for Banking and Supervision (BCBS) introduced two key liquidity ratios to strengthen the short- and long-term liquidity positions of the banks around the globe. These ratios were designed to achieve two key distinct objectives. Firstly, to encourage banks' short-term resilience to the liquidity risks by ensuring there are sufficient high-quality liquid assets to survive a significant stress which may last for 30 days. Calculation of this ratio is called as Liquidity Coverage Ratio (LCR). Secondly, to promote bank resilience over a longer time horizon, at least annually, by creating additional incentives for banks to fund their activities with more stable sources of funding. This led to creation of Net Stable Funding Ratio (NSFR). While these structural ratios are mostly quantitative, the underlying factors that are needed to calculate these ratios include qualitative factors as well. The paper analyzed the implementation of Basel III standards for the banking sector in the UAE. In particular, the timelines specified by the Central bank of the UAE and its implementation by the Domestic-Systemically Important Banks (D-SIBs) in the UAE was tracked by this paper. The study found a disconnect between the disclosure requirements by Basel III and disclosure made in the published annual financial statements of the banks. The study also discussed the extent of disclosures made by the D-SIBs and how relevant disclosures may improve the transparency of the liquidity risk management of the bank. JEL Classification Codes: E58, G32, G38.                        

scholarly journals ESSENCE AND QUANTITATIVE EVALUATION OF THE EXPORT POTENTIAL OF THE ENTERPRISE

2021 ◽  
Author(s):  
Yuliia Fedotova
Keyword(s):  
Financial Statements ◽  
International Standards ◽  
Foreign Markets ◽  
Macroeconomic Theory ◽  
Foreign Countries ◽  
Potential Formation ◽  
Short And Long Term ◽  
Potential Methods ◽  
Competitive Products

Today, there is an objective need to study foreign economic activity in terms of developing methodological approaches to assessing its effectiveness, especially export-import operations, which are its basis. The existing system of traditional indicators of economic analysis, the basis for calculating, which is the financial statements of the enterprise, gives an incomplete understanding of the activities of the enterprise to increase the efficiency of management. The first step in analyzing the problem of the study is to consider the economic category "export potential". Historically, the first is the resource concept of potential formation, originating from macroeconomic theory, which focuses on the transformation of resources within the economic system. The next step is an effective concept. The concept of the export potential of the enterprise is quite complex, since it combines the interpretation of such economic categories as «competitive potential», «production potential», «potential of export activity», as well as «financial potential». In its study, it will be necessary to proceed from the fact that the export potential of the enterprise is a set of available resources and opportunities to produce competitive products, its implementation and maintenance and foreign markets both in the short and long term. These factors have a significant impact on the competitiveness of the enterprise, its ability to produce goods in specified volumes. To assess the export potential, methods of sum of all warehouses of exports of the enterprise and the "system of eight indicators" were proposed, including: efficiency of export products production, share of profit from export of products in the total volume of profits of the enterprise, profitability of export sales, share of exports in the total volume of sales of the enterprise' products, competitiveness of the manufacturer, share of products certified according to international standards, share of innovations products, the share of products sent to foreign countries. According to the first approach, quantitative assessment of export potential (EP) is defined as the sum of all ingredients of the company's exports in value terms.

scholarly journals Disclosure of Non-Current Tangible Assets Information in Private Sector Entities Financial Statements: The Case of Lithuania

Economies ◽  
2021 ◽  
Vol 9 (2) ◽  
pp. 78
Author(s):  
Rasa Kanapickiene ◽  
Greta Keliuotyte-Staniuleniene ◽  
Deimante Teresiene
Keyword(s):  
Private Sector ◽  
Information Disclosure ◽  
Financial Statements ◽  
Developed Country ◽  
Information Transparency ◽  
Tangible Assets ◽  
Research Findings ◽  
Investigation Period

The research aims to examine and evaluate the accounting information disclosure (AID) quality of the non-current tangible assets in the annual financial statements of private sector entities of Lithuania and identify characteristics of these enterprises that have an impact on the AID quality. The research model of the AID quality in the financial statements is created. Based on the national accounting standards’ legal requirements, the original checklists were structured, and the disclosure quality indexes (DQIs) allowing evaluation of AID (both mandatory and voluntary) quality were formed. The empirical results show that Lithuanian enterprises’ AID quality was sufficient and average during the investigation period. The significant AID quality change was not observed during the short term (2007–2008), i.e., when Lithuania was going through a significant change in the economy, where the rapid growth was followed by the financial crisis. In addition, it was investigated whether significant changes were observed during the long term (2007–2016) when Lithuania was transforming from a developing to a developed country. The results show that during this period the disclosure of mandatory (for all enterprises) and voluntary information did not change significantly, while additional (for large and medium) AID quality increased. Multiple panel regression analysis showed that the enterprise’s characteristics (such as its size, debt-paying capacity, indebtedness, tangible assets, and profitability) appeared to have a statistically significant effect on the AID quality. The research findings could contribute to helping shareholders, potential investors or creditors, financial analysts, and other stakeholders when making decisions in regard to the evaluation of the AID quality as well as helping regulators to increase standards for information transparency and comparability.

IMPROVING THE REPORTING FORMS ON THE DISCLOSURE OF GOVERNMENT SUBSIDIES

2015 ◽  
Vol 10 (3) ◽  
pp. 25-29 ◽  
Author(s):  
Нуриева ◽  
Regina Nurieva
Keyword(s):  
Information Disclosure ◽  
Financial Statements ◽  
Government Subsidies ◽  
Government Grants ◽  
Financial Position ◽  
Agricultural Organizations

The article is devoted to the examine the peculiarities of information disclosure of government subsidies in the accounting (financial) statements of the agricultural organizations. On the basis of the study we offer main directions of improving the reporting forms for government grants in order to form an objective idea about the expected changes in financial position and operating results of the organization.

INFORMATION DISCLOSURE ABOUT INVESTMENT PROPERTY IN THE FINANCIAL STATEMENTS ACCORDING TO INTERNATIONAL STANDARDS

2017 ◽  
pp. 101-107
Author(s):  
Valentyna Dubovaya ◽  
Iryna Davydova
Keyword(s):  
Information Disclosure ◽  
Financial Statements ◽  
Fair Value ◽  
Associate Professor ◽  
Financial Information ◽  
International Standards ◽  
Global Trends ◽  
Subsequent Research ◽  
Property Evaluation ◽  
Structured Information

UDC 657   Valentyna Dubovaya, PhD (Economics), Associate Professor. Iryna Davydova, student. Poltava National Technical Yurii Kondratiuk University. Information Disclosure about Investment Property in the Financial Statements According to International Standards. The purpose of the research is elaboration of a structured form for information disclosure of investment property in the financial statements in accordance with international standards. According to the results of research it was elucidated, that as opposed to global trends of excessive information disclosure, the financial statements of Ukrainian enterprises in accordance with IFRS has insufficient, and sometimes non-significant, financial information disclosure, at least concerning investment property. For the structured information disclosure about the investment property in the Notes to the financial statements in accordance with IFRS it was proposed an ordered presentation of descriptive and financial information with using the tabular forms of reconciliation of the carrying value of investment property at the beginning and end of the reporting period according to the alternative models of evaluation. It was defined the prospects of subsequent research of application of international accounting approach to the investment property evaluation at fair value with taking into account her best and more profitable using. Keywords: IFRS, information disclosure, investment property, notes to the financial statements.

scholarly journals   Models of the realistic reporting of subsidies in the farm accounting

2012 ◽  
Vol 58 (No. 1) ◽  
pp. 34-40
Author(s):  
J. Sedláček ◽  
J. Kouřilová ◽  
J. Pšenčík
Keyword(s):  
Financial Statements ◽  
Income Taxes ◽  
Review Of Literature ◽  
Economic Data ◽  
Tax Base ◽  
Financial Position ◽  
Purchase Cost ◽  
And Performance ◽  
Positive Effect

 The paper deals with subsidies in the agriculture and their sources from the perspective of their recipients. The review of literature points out the significance of subsidies for the economics of agriculture and also for the evaluation of the financial position and performance of entrepreneurial entities. The current national and supranational approaches to reporting subsidies within the farm accounting and financial statements are analyzed. The result of the analysis is an identification of distortions in the reported production power and the value of the company property, caused by the yield method which is based on the matching principle. This is also negatively reflected in the income tax base of the entities. Therefore, for a more real view of the situation in financial statements, two models suitable for reporting subsidies were proposed. These are based on the capital approach. The new approaches represent a transparent reporting of subsidies by their recipients in the form of a long-term financial source; they do not allow them to report unearned yields and, on the other hand, they do allow them to report a subsidized property at an unreduced purchase cost. Thus it is possible to compare economic data of the particular companies. This also has a positive effect on the burden of the subsidy recipients laid by income taxes.  

scholarly journals Solvency and Fixed Assets Financing of Agriculture, Forestry and Fishing Sector in the Republic of Serbia

2021 ◽  
Vol 59 (1) ◽  
pp. 95-108
Author(s):  
Jasmina Bogićević ◽  
Nemanja Karapavlović ◽  
Biljana Jovković
Keyword(s):  
Financial Statements ◽  
Slight Improvement ◽  
Short Term ◽  
Research Results ◽  
Financial Position ◽  
Fishing Sector ◽  
Fixed Assets ◽  
The Republic

Abstract This paper aims to examine solvency and fixed assets financing of Agriculture, Forestry and Fishing sector (Sector A) in the Republic of Serbia. We also examine whether there is a difference between this Sector’s enterprises and entrepreneurs regarding these two aspects of their financial position. The research is based on the Financial Statements Annual Bulletins available on the official website of the Serbian Business Registers Agency. The period of six consecutive years is covered (2013-2018). Solvency and fixed assets financing were analyzed separately for Sector A enterprises and entrepreneurs. Standard ratio indicators were used to determine these relevant aspects of financial position. The conducted analysis showed differences between this Sector’s enterprises and entrepreneurs regarding the solvency. The research results revealed that, despite a slight improvement in certain solvency indicators, entrepreneurs were insolvent during the observed period. The fixed assets financing indicators showed that the lack of equity for new investments financing was compensated mainly by long-term borrowing at enterprises’ level and by short-term borrowed sources at entrepreneurs’ level.

ON-FARM FORESTRY DEVELOPMENT OPTIONS FOR NORTHLAND

1986 ◽  
pp. 27-32
Author(s):  
J.S. Clark
Keyword(s):  
Joint Ventures ◽  
Low Fertility ◽  
High Fertility ◽  
Financial Returns ◽  
Farm Forestry ◽  
Hill Country ◽  
Financial Position ◽  
On Farm

Agroforests and woodlots offer Northland hill country farmers investment and diversification opportunities. Agroforests have less effect on the "whole farm" financial position than woodlots, especially where a progressive planting regime is adopted and where no further borrowing is required. Establishment and tending costs for agro-forests are lower, and returns come much sooner. The proven opportunity for continued grazing under trees established in this manner, apart from a short post-planting period, further enhances the agroforesty option. Even where there is reluctance on a farmer's part to plant trees on high fertility land, the expected financial returns from agroforests on low and medium fertility land will increase the overall long-term profitability and flexibility of the whole farming operation. Woodlots may be more appropriate on low fertility areas where weed reversion is likely. Joint ventures may be worth considering where farm finances are a limited factor. Keywords: On-farm forestry development, Northland hill country, agroforestry, woodlots, diversification, joint ventures, progressive planting regimes, grazing availability.

IFRS IMPLEMENTATION AS ONE OF THE FACTORS FOR IMPROVING THE INVESTMENT CLIMATE IN UKRAINE

2017 ◽  
Author(s):  
Kateryna Sova ◽  
◽  
Natalia Yatsenko ◽  
Denys Zagirniak ◽  
◽  
...  
Keyword(s):  
Financial Reporting ◽  
Direct Investment ◽  
Financial Statements ◽  
International Standards ◽  
Investment Climate ◽  
The European Union ◽  
Economic Activities ◽  
Financial Reporting Standards ◽  
Almost All ◽  
The Impact

The article is devoted to the study of the impact of the introduction of International Financial Reporting Standards (IFRS) on changes in the investment climate in Ukraine. The relevance of the topic is that improving the practice of applying IFRS as a tool for exchanging financial information is one of the key conditions for improving the investment climate in Ukraine. The authors have created the generalized scheme that illustrates the chronological list of enterprises that are required by law to prepare financial statements in accordance with IFRS. It was noted that in 2018, in accordance with Part 2 of Article 12 of the law on accounting and financial reporting in Ukraine and resolution of the Cabinet of Ministers of Ukraine No. 547 from 11.07.2018, the criteria of enterprises that are required to prepare financial statements in accordance with IFRS were updated. This step significantly increased the level of application of international standards due to the adoption of such a decision at the legislative level. The dynamics of the number of IFRS enterprises in Ukraine was analyzed. The analysis showed that over the past three years, the number of almost all enterprises that must apply international standards has been growing. The advantages of using IFRS for different users of financial statements were determined. It was determined that the priority users of IFRS financial statements are investors. At the same time, it was noted that the main advantage for other users of financial statements prepared in accordance with international standards is the improvement of the investment climate. The dynamics of the Investment Attractiveness Index of Ukraine based on the Likert scale in the period from 2016 to 2020 was analyzed. The direct investment receipts to Ukraine from the European Union countries were studied. The dynamics of direct investment in the Ukrainian economy was analyzed for two types of economic activities that should form financial statements in accordance with IFRS, namely, the extractive industry and quarrying, as well as financial and insurance activities.

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